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Currency | Bulgarian leva (BGN) |
Repayment term | 10 years after grace period expiry |
Annual interest rate on the standard loan | 6.25% fixed interest rate for the entire loan period |
Annual Percentage Rate (APR) 6.43 % upon a loan of BGN 4 800, grace period of 62 months, repayment period of 120 months and a fixed interest rate of 6.25%. Repayment in 120 monthly installments after expiry of the grace period, each amounting to BGN 66.43. Total amount due BGN 7971.07. Upon the calculation of the APR on the loan it has been assumed that the interest does not change as compared to its initial amount and will be applicable until expiry of the agreement period, the loan has been utilized immediately and in full amount, as well as that the loan agreement is valid over the period, for which it has been concluded and the loan is being repaid in the indicated manner.
Annual interest rate on the standard loan | 6.25% fixed interest rate for the entire loan period The interest is being accrued on the drawn down part of the loan. The accrued interest during the grace period is being capitalized on an annual basis. |
Repayment term | 10 years after grace period expiry |
Grace period | As from the conclusion of the loan agreement until expiry of one year since the first date of holding the last state exam or diploma thesis presentation as per the curriculum, respectively the date, on which the doctoral thesis research period expires. |
Amount | Loan for payment of semester tuition fees – the loan amount is being formed based on the due tuition fees for the Borrower’s remaining period of study as at the moment of signing the loan agreement, as per the curriculum of the respective major and level of education and qualification or educational and scientific degree. Loan for subsistence – the loan amount is being formed as a sum total of the semester subsistence amounts for the Borrower’s remaining period of study as at the moment of signing the loan agreement, as per the curriculum of the respective major and level of education and qualification or educational and scientific degree. The semester subsistence amount equals the minimum salary for Bulgaria, multiplied by the number of months of the respective semester. |
Drawdown | Loan for payment of semester tuition fees - through fund transfers to a bank account of the respective higher education institution or scientific organization. The drawdown deadlines are being determined in accordance with the tuition payment deadlines, as determined by the educational institution /scientific organization. The loan is disbursed in tranches. The number of tranches is in accordance with the number of tuition fees. Loan for subsistence - through fund transfers to a current account of the university student /doctoral thesis researcher with UBB, during the first month of every semester. The loan is disbursed in tranches, each tranche amounting to the semester subsistence. |
Collateral | No collateral |
Fees | No fees and commissions, related to the loan disbursement and administration |
Repayment | After expiry of the grace period the loan is to be repaid in equal monthly annuity installments, comprising principal and interest, including the interest, capitalized during the grace period. |
Early repayment | No restrictions or fees |
Borrowers | The student loan is intended for financing of university (BA/MA) students and doctoral thesis (PhD) researchers, who simultaneously meet the following criteria:
In the cases when the university student studies simultaneously two majors under one and the same level of education or qualification, he/she may choose to obtain a loan for only one of those. The loan for subsistence is being provided upon childbirth or full adoption of a child during the period of studies and may be used by only the parent, exercising parental rights, while should it be valid for both parents– by only one of those. The university student or the doctoral thesis researcher should have no other credit liabilities, which he/she has failed to repay for more than 6 months. |
Upon a loan for child maintenance, the following documents should be additionally provided:
United Bulgarian Bank AD provides loans to BA/MA students and doctoral thesis (PhD) researchers with financial support by the State, in accordance with the terms and conditions of the Lending to University Students and Doctoral Thesis Researchers Act and by virtue of a concluded standard agreement between UBB AD and the Ministry of Education and Science.
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